Diamond necklace by Nirav Modi fetches Rs. 13 crore at Christie’s auction

A diamond necklace designed by celebrated Indian jeweller Nirav Modi has fetched Rs. 13 crore at a Christie's auction in Hong Kong, says a report.

The report further says that the diamond necklace was previously sold in another sale by the auction house in the year 2011. The necklace contains pear-shaped diamonds weighing 10.02 and 2.66 carats each and is spaced by a fancy purplish red hexagonal-shaped diamond. The Orchid Ainra Necklace achieved a price of Rs. 13 crores, an extraordinary 71 per cent appreciation in value since its previous sale by the same auction house in 2011. The jewellery was auctioned on June 2 in Hong Kong.

The diamond has been certified as a Type IIa diamond by Gemological Institute of America, the most sought after gems in the world due to their exceptional colour and clarity, adds a report. Red diamonds are said to be among the rarest in the spectrum of coloured diamonds. Pink and red diamonds are valued 50 times more than white diamonds, says a report.

Earlier, in 2010 the a Golconda Necklace by the jeweller was auctioned for Rs. 16.29 crore ($.56 million) by Christie's while at a Hong Kong auction by Sotheby's in 2012, a Riviere diamond necklace was sold for $5.1 million. Nirav Modi had shot to fame in 2010 by becoming the first Indian jeweller to be featured on the cover of a Christie's auction catalogue, says a report.